9911796707
TMI Blog2012 (10) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... cuments from search/survey operation from office of Anoopchand group - Held that:- CIT(A) has given the benefit of estimated income to be set off against unaccounted investment in stock-in-trade which cannot be disturbed as no other unaccounted investment was found in the course of survey and the undisclosed income can be set off against unaccounted stock found which has been surrendered by the assessee at the time of survey following the decision reported in Anantram Veerasinghaiah & Co. Vs. CIT, [1980 (4) TMI 2 - SUPREME COURT] - in favour of assessee. - I.T.A. No.4330/Mum/2010. - - - Dated:- 31-7-2012 - SHRI B. RAMAKOTAIAH SHRI AMIT SHUKLA, JJ. Appellant/Revenue by : Mr. C.G.K. Nair Respondent-Assessee by : Mr. Mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation wing on -10-2004 at the business premises of the assessee. In the course of the survey, statement of the proprietor Shri Raman P. Solanki (assessee) was recorded. In the course of such statement, the assessee surrendered the excess value of stock found for the sum amounting to Rs..13,27,598/-. Further, the assessee offered additional income around Rs..3 lakhs. Thus, the total surrender aggregated to Rs..16,06,708/-, on account of overall excess stock worked out at 2349.732 gms. Accordingly, this sum was included in the return of income, wherein the total income was shown at Rs..35,97,197/- filed on 30-10-2005. 3. During the course of the assessment proceedings, the Assessing Officer confronted certain approval memos/estimate bills a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for approval and were not sent outside and even if they were sent outside, then the same were returned before the date of survey, hence, it cannot be said that any stock has moved out. Considering the fact that overall stock has been tallied and excess stock has already been surrendered, no over and above addition can be made. 5. The CIT(A) observed that in the impounded cash memos, gold ornaments weighing about 822.04 gms, were noted. At the time of survey, the assessee could not identify the gold chains as taken in the memo as all the gold chains were alike. Since the assessee has already surrendered excess stock and nothing has been found over and above, therefore, the same is covered by the additional income offered on account of unac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omewhere else, the addition cannot be made. The CIT(A) held that benefit of telescoping should be given from the surrender amount of Rs..16,05,708/- on the addition made on account of excess stock. On this ground, the addition was deleted. 8. Learned Senior DR submitted that, on the first addition of Rs.4,64,139/-, he relies upon the finding and reasoning given by the Assessing Officer. On the second issue, he submitted that the Assessing Officer had made the addition from the cash book found at the premises of M/s Anoopchand Tilokchand Jewellers Pvt. Ltd., wherein cash transaction relating to job work was given. This has nothing to do with the undisclosed stock offered by the assessee. Even the assessee has not been able to point out tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere is a categorical finding of the CIT(A) and is also borne out from the record that the stock of gold mentioned in the approval memos were found at the premises of the assessee and at the time of survey the entire stock was inventorised. Whatever the excess stock was found the same was surrendered by the assessee. We do not find any reason that further addition of Rs..4,64,139/- was called for. Thus, the finding given by the CIT(A) is based on correct appreciation of facts and we do not find any reason to deviate from the same. Accordingly, the finding given by the CIT(A) is confirmed. Thus, the ground No.1 raised by the department is dismissed. 11. So far as the addition of Rs..5,46,322/-, which was made by the Assessing Officer after ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
